智通财经APP讯，中国科培(01890)公布，由于彼等决定投放更多时间于其他事务，张湘伟博士已辞任执 行董事及公司首席营运官，及孙丽霞女士已辞任执行董事，自2025年9月30 日起生效。 同日起，执行董事查东辉先生已获委任为公司首席营运官，公司首席财务官兼联席公司秘书郑超然先生 已获委任为执行董事。 ...

(2) 海外业务表现优于预期。管理层指引8月季度及2026财年海外收入将录得中个位数百分比跌幅，但非 美/英咨询及其他相关服务(占咨询收入约60%)增长有望超预期，部分抵消美国(双位数跌幅)与英国(温和 下跌)业务衰退。 美银证券发布研报称，将新东方-S(09901,EDU.US)2026至2027财年非通用会计准则每股盈利预测上调 4%及5%，主因海外业务收入跌幅少于预期且利润率提升。将目标价上调5%至45.4港元；新东方 (EDU.US)美股目标价升至58.2美元，重申"买入"评级。 基于下列潜在催化剂： (1) 股东回报潜在提升。考量公司持有48亿美元充裕现金及强劲自由现金流生成能力(2026至2028财年预 估达5亿至7亿美元)，当前派息比率相当于净利润50%(2025财年净利3.71亿美元)仍有大幅提升空间。若 实现100%派息率，2026财年股息率将达4.5%。 (4)利润率韧性显现。成本管控、K12与东方甄选利润率改善，加上文旅业务亏损缩窄，可望抵销海外业 务利润率压力，推动2026财年非通用会计准则营运利润率扩张。 (3) K9业务重新加速。受课程排期调整、重点城市线下服务暂停及地方小型机构价 ...

Core Viewpoint - The company, Fenbi, reported its mid-year results for 2025, showing a revenue of RMB 1.49 billion and a net profit of RMB 227 million, indicating a decline compared to the previous year [2][3]. Financial Performance - For the six months ending June 30, 2025, Fenbi's revenue was RMB 1,491,952,000, down from RMB 1,630,470,000 in 2024, representing a decrease of approximately 8.5% [3]. - Gross profit for the same period was RMB 805,748,000, compared to RMB 883,203,000 in 2024, reflecting a decline of about 8.8% [3]. - The net profit for the period was RMB 226,651,000, down from RMB 277,739,000 in 2024, a decrease of around 18.4% [3]. - Adjusted net profit was RMB 271,459,000, compared to RMB 349,097,000 in 2024, indicating a decline of approximately 22.2% [3]. Research and Development - Fenbi maintained its leading position in R&D investment, spending RMB 108 million in the first half of 2025, consistent with the previous year [6]. - The company has consistently invested in R&D, with expenditures of RMB 251 million in 2024 and RMB 221 million in 2023, maintaining a leading level in the industry [6]. - Fenbi has launched a series of AI educational products, including AI teachers and exam preparation systems, establishing a significant technological advantage in core teaching areas [6]. AI Product Development - The AI question-answering system has sold approximately 50,000 units, generating around RMB 20 million in revenue, reflecting strong user demand for personalized training [6]. - The introduction of AI courses is seen as a new growth point for Fenbi, with the potential to enhance revenue sources and drive performance growth in the second half of the year [6]. Strategic Investments - Fenbi plans to reallocate its unutilized IPO funds of HKD 60.8 million to enhance teaching efficiency and service quality, with HKD 12 million dedicated to AI model development and commercialization [7]. - The remaining HKD 48.8 million will be invested in high-end talent and infrastructure related to advanced AI [7]. Market Position and Competitive Advantage - Fenbi emphasizes a long-term development strategy, focusing on technological innovation and service quality to maintain its competitive edge [8]. - The company has demonstrated strong performance in user retention and operational efficiency, with a recent AI mock interview competition attracting nearly 1.5 million participants [8]. - The efficiency gains from technological innovation are expected to lower marginal costs in teacher training, course development, and service delivery, enhancing financial stability and long-term value growth [8].

二、合同条款中的隐蔽陷阱 预付费合同往往是纠纷的"重灾区"。常见问题包括模糊的有效期、苛刻的退款条件等。王女士曾在舞蹈 培训机构签订两年期协议，但孩子升学后无法继续上课。申请退费时却被告知"超过三个月未上课自动 作废"，原因是合同里有一行小字："学员需保证每月至少参加四次课程，否则视为放弃剩余课时。" 刘女士在健身房办理三年卡，因工作调动想退掉剩余费用，却被要求扣除 30% 的违约金外加手续费， 最终只拿回不到一半。 对策：签合同时务必逐字阅读，重点关注：1． 退款条件及比例；2． 服务有效期；3． 转卡或转让规 则；4． 不可抗力条款。遇到不合理内容，应当场要求修改或补充书面说明。 预付式消费如今已渗透到生活的方方面面——健身房年卡、早教课程包、美容美发储值卡……商家 用"充得越多省得越多"的承诺吸引消费者，但其中也潜藏着不少风险。如何在享受优惠的同时守住钱 包？本文结合真实案例，为你揭秘预付费消费中的常见套路，并提供实用对策。 一、低价折扣背后的风险 很多人选择预付费，看重的是"充得越多越划算"。但不少优惠背后藏着限制条件。比如某连锁美容院推 出的"充一万送五千"活动，宣传中承诺五折护理价，但限定只能用于 ...

新东方港股今日大涨近8%，带动新东方(EDU.US)美股盘前涨近6%。消息上，大和发表研究报告指，经 审视新东方2025年夏季学期经营状况，以及旗下东方甄选2025财年业绩后，认为集团整体业务发展趋向 稳定，K-9秋季学生留存率改善，出国考试准备业务不再恶化。大和将新东方2026至2028财年收入预测 上调1%至2%，每股盈利预测上调0.2%至5%。(格隆汇) | EDU 新东方 | | | | --- | --- | --- | | 51 350 + +0.590 +1.16% | | 收盘价 09/26 15:59 美东 | | 54.350 + 3.000 +5.84% | | 盘前价 09/29 04:34 美东 | | 三 7 24 华 S 9 日 ♥ 自选 | | ● 快捷交易 | | 最高价 51.350 | 开盘价 50.600 | 成交量 56.99万 | | 最低价 50.130 | 昨收价 50.760 | 成交额 2904.12万 | | 平均价 50.955 | 市盈率TTM 22.33 | 总市值 81.72亿 (1) | | 振 幅 2.40% | 市盈率(静) 22.33 | ...

文 | 长青研究社 上海宝山大华校区里，一群平均年龄60岁的阿姨们正在跟着节拍练习非洲鼓，节奏感丝毫不输年轻人。很难想象，这里曾经是昂立教育的K12培训教室， 如今却变成了银发族的"快乐公社"。 这个场景充满了戏剧性——一个40年来专注培养孩子的教育巨头，如今却要开始"培养"老人。从3岁到80岁，昂立教育试图覆盖人的整个生命周期。 这不是转型，这是豪赌。 从"教小孩"到"陪老人"：昂立的破圈逻辑 要理解昂立为什么要杀入银发市场，先看看它2024年的财报。 2024年，昂立教育营收12.3亿元，同比增长27.32%；净亏损4858.47万元，同比减亏1.39亿元。乍看之下，营收增长近三成，似乎一切都在好转。 但细看业务结构，问题就来了： 青少儿素质教育营收5.98亿元，占比48.6%，同比增长36.07%；高中业务营收3.88亿元，占比31.5%，同比增长29.57%。这两大主营业务贡献了近80%的营 收，但都面临一个共同的天花板——人口出生率下降。 国家统计局数据显示，中国出生人口从2017年的1723万下降到2023年的902万，减少了近一半。昂立的核心客群正在急剧萎缩。 更让人担忧的是成本结构：营业成本6 ...

在网民留言中，预付式消费合同文本或者记录消费内容、次数、金额及预付款余额等信息的证据通常由 经营者控制，消费者面临"举证难"的问题。 "消费者储值之后，一旦发生纠纷，维权过程中就很可能面临诸多取证难题。有些商家借用他人的营业 执照来开店或者直接不公开自己单位的名称、联系方式等，会直接导致消费者维权无门。"对此，北京 市京师律师事务所戴文星律师建议，消费者在办预付卡时一定要签订书面合同或将合同主要条款通过微 信等方式和商家进行逐个确认，记清楚商家的营业主体，谨防商家停止经营或违约情况下，"有理说不 清"。 新华网北京9月29日电（刘觅觅）"我在培训机构办了卡，机构搬家后不方便使用，想退款商家拒绝，如 何维权？""刚充值了健身卡，没用两次商家跑路了，如何要回充值的费用？"……新华网"我为群众办实 事"网络平台近期收到网民有关预付式消费维权难的留言。 近年来，预付式消费模式在教育培训、健身美容、零售服务等领域广泛应用，但随之而来的商家"跑 路"、退款难等问题频发。基于此，平台近日连线多位律师，从消费权益保护方面提出建议，提醒消费 者增强风险意识，维护自身合法权益。 取证难？主要条款需留痕 预付式消费是指消费者预先向 ...

大和指出，经审视新东方-S 2025年夏季学期经营状况，以及旗下东方甄选2025财年业绩后，认为集团 整体业务发展趋向稳定，K-9秋季学生留存率改善，出国考试准备业务不再恶化。新东方更宣布自2026 财年起，计划将不低于其前一财年股东应占净利润的50%，以股息分配或股份回购等形式回馈股东。大 和认为，憧憬股东回报比例可能显着高于集团承诺的50%，或达到高双位数百分比甚至超过100%，相 信对股份属关键正面催化剂。 新东方-S(09901)涨超5%，截至发稿，涨5.47%，报41.62港元，成交额1.14亿港元。 国盛证券发布研报称，截至FY25Q4，公司递延收入(客户预收款)19.55亿美元(YoY+9.8%)，收款端保持 增长，一定程度保障未来收入。公司预计FY2026Q1净营收(包括东方甄选)同增2%~5%至14.64~15.07亿 美元，指引较为保守，主要是由于FY25Q1同期高基数及2025年春节提前重新排课导致K12业务结算错 期所致。公司预计FY2026净营收(包括东方甄选)同增5%~10%至51.45~53.90亿美元，略低于上一季度给 出的指引，主要是由于留学业务预计持续受到宏观经济和国际关系 ...

Group 1 - New Oriental Education & Technology Group (09901.HK) saw its stock price increase by over 5% on September 29, reaching a price of 41.62 HKD [1] - The trading volume for New Oriental was reported at 114 million HKD [1]

Group 1 - New Oriental-S (09901) shares increased by over 5%, reaching a price of HKD 41.62 with a trading volume of HKD 114 million [1] - Guosheng Securities reported that as of FY25Q4, the company's deferred revenue (customer prepayments) was USD 1.955 billion, reflecting a year-over-year increase of 9.8%, indicating growth in the collection side which supports future revenue [1] - The company projects FY2026Q1 net revenue (including Dongfang Zhenxuan) to grow by 2% to 5% year-over-year, reaching USD 1.464 to 1.507 billion, with conservative guidance due to a high base in FY25Q1 and rescheduling of K12 business due to the early Spring Festival in 2025 [1] Group 2 - Daiwa noted that after reviewing New Oriental-S's operational status for the summer semester of 2025 and the performance of Dongfang Zhenxuan for FY2025, the overall business development of the group appears stable, with improved K-9 fall student retention rates and no further deterioration in overseas exam preparation services [2] - New Oriental announced plans to distribute no less than 50% of its net profit attributable to shareholders from the previous fiscal year in the form of dividends or share buybacks starting from FY2026 [2] - Daiwa believes that the anticipated shareholder return ratio could significantly exceed the group's commitment of 50%, potentially reaching high double-digit percentages or even over 100%, which is seen as a key positive catalyst for the shares [2]